I'm a cryptominer, I do proof of work because I believe in incorruptible, open source, fair, permissionless, non-custodial data tracking and money.
I see a big trend to push into Proof of Stake. It makes no sense to me. It's only slightly more secure than regular banking and it's an interest/inflationary model of money, many are centralized and CBDCs are just proof of stake cryptos. It basically feals like the bankers are trying to destroy cryptocurrency by infecting it with the banking system.
Is it just me who thinks like this? What are your thoughts?
Kind of defeats the entire purpose of having gold or silver though. Cuz you'r gold and silver are still held in a custodial service. If the custodian decides to steal your assets, I mean he already has them. It's like buying gold or silver on the stock market, you don't actually have gold or silver you just have a promissary note that says that it's yours, like an old greenback.
If I could store my assets in a non-custodial manor like a safe we're only I have the combination or the key, that's significantly more secure because then if somebody wants it they have to come get it.
That's why I like my private wallets. They're non-custodial so for somebody to steal my crypto they would have to bust into my house and steal my recovery keys.
I live in Canada so this is something I think about because my prime minister and deputy Prime Minister and finance Minister of all decided that they can just steal your money whenever they want.
For now, we've withdrawn all of our assets, while leaving a float to pay the bills, and we've been talking about emigrating.
I agree with you: any crypto that is not backed by a traceable ledger is essentially a scam. If you can't read the list of transactions to see the chain of events that allows this person to be authorized to spend X amount of credits on the system then how do you know that they legitimately have the authority to spend that amount of credits on the system?
If you're backed by a ledger where you can't see the list of transactions coupled with the outgoing public account address and the incoming public account address and the amount and type of currency as well as read the financial aspects of the smart contracts, then how do you know the validity of the transactions or the totals in anybody's accounts?
That's why any crypto that's worth it salt has a public ledger and relatively transparent list of transactions that is publicly available monitored and mirrored across all nodes.
Another way to think of it is in a real cryptocurrency, or one that's worth investing in every single unit of currency can be traced directly back to a crypto miner who earned it by solving a block or someone who minted it by locking in assets into the system.